Saas startup NeuroPixel.AI on September 6 announced that it has raised $825,000 in a seed round led by Inflection Point Ventures (IPV).
The firm aims to use the funds for scaling up the R&D team to accelerate the transition of its product from beta to production. Apart from this, the startup will use the fund for expanding its ‘training set’, considered to be a crucial piece of the puzzle for every machine learning algorithm.
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“As e-commerce will expand, so will the need to put up quality and realistic product pictures online. In fashion commerce it is a big part of the buyer’s purchase decision. However, it is not a seamless process and is both time-consuming and expensive, especially for SMEs and social sellers, two segments which are growing exponentially. NeuroPixel is trying to solve this problem by building a product that can transform online fashion storefronts through catalog image-based personalisation and virtual try-ons, helping the average consumer make a far more informed purchase decision,” Business Standard quoted Inflection Point Ventures co-founder Ankur Mittal as saying.
Founded by Arvind Nair (CEO) and Amritendu Mukherjee (CTO) in late 2020, IPV originated at Entrepreneur First which helps aspiring entrepreneurs find co-founders and supports them in building technology companies. Other investors in the round included Entrepreneur First, Huddle, Dexter Angels, and Rishaad Currimjee.
According to the firm, NeuroPixel.AI’s first product will enable users to shoot any apparel on just a mannequin, and their technology will render the apparel on models of different sizes in different poses, the daily adds. The firm claims that their product will reduce cataloguing spends by 30 percent, and reduce process times by 90 percent.
“What Arvind and Amritendu are building today is a world-class, innovative, technology-led startup that can change the way consumers shop online. I’m excited to see how NeuroPixel.AI evolves and disrupts the online fashion ecosystem to pave the way for more intuitive solutions and much-needed disruption of the online customer experience,” the business daily quoted EF India general manager Esha Tiwary as saying.
The startup was among the six startups selected for investment by the ISB D-Labs incubator, under their seed support programme in collaboration with the Department of Science and Technology. The firm has also been selcted into the Huddle accelerator and it will commence from the closure of this round of funding.